Mortgage Exit Fees successes and failures

aerobicqueen74

Over the last few years, my husband and I have changed mortgages quite a lot (to get the best offers etc.), so when I heard that we might be due some money back I jumped at the chance!

Unfortunately, I am getting bogged down with mortgage terminology... C&G Building Society claim that as our mortgage with them was part endowment and part repayment (2 sub accounts as they quoted), I had to pay 2 fees totalling £90.00, but as this was under £50.00 per sub account no refund was due. We only had one account number and to me it just seems a cop out:mad: Does anyone know what else I can do?

Also, over the years we have had 2 mortgages with The Chelsea..I received a letter this morning stating that on one account we had been charged £100.00 and because on our mortgage offer it stated the fee was £85.00, we have been awarded £15.00 refund. However, on the other account the fee stated on the mortgage offer was £100.00 and we only were charged £85.00. So we are due nothing on this account!

I believe an admin fee of £50.00 is now deemed acceptable by the FSA, can I go back to them and argue it? It seems these companies change the rules when it suits them!

My current mortgage with Northern Rock has a MEF of £250.00 on the offer, does that mean that in the future they can uphold this charge? HELP!!

NeilRH_2

When I remortgaged in 2003 the Bradford and Bingley charged me £140 vacate fee plus £50 admin fee. At the time of taking out the mortgage in 2000, the fee was stated as £75. Within 2 weeks of writing to them, I received a cheque for £115.

In addition, I remortgaged in 2006 and although I could not find any details of what I was charged, I was informed by Bristol & West that it was £195. The fee stated at the time was £100 plus £50 land registry fee. I have therefore been offered £45 refund.

£160 for writing 2 letters, not bad. Thanks for the advice Martin.

Spiggle_Bum

Mortgage started in 2002 & ended in 2006.

1 Letter sent & £90 fee refunded a week later - Thankyou MSE.. :j

Noz

aerobicqueen74 wrote: »

I believe an admin fee of £50.00 is now deemed acceptable by the FSA, can I go back to them and argue it? It seems these companies change the rules when it suits them!

I don't understand where this belief has come from - what are you basing this on?

jonnypb

Just rang the abbey and they're sending me out an enquiry form to fill in and send back then someone will see if I can reclaim any money!

Lyn1204

Re-mortgaged January 2006 and was charged £225.00 sealing fee by Natwest. When I took mortgage out in 2004 the fee was £85.00. Sent letter requesting the difference on 3 May 07 and received letter confirming refund on 11 may 07. £140.00 paid into account today. Easy!

Rhyme_Maker

Changed Mortgage in 2005 from Yorkshire - charged £199 for their MEAF equivalent which they call "Deeds Production Fee" and "Sealing Fee".

Made a call - gave details over the phone - 10 days later refund of £125.

Nice one Martin....cheers!

And to anyone else who hasn't - do it. The satisfaction is immense...!!

MarkyMarkD

@aerobicqueen74

I presume that C&G's terms stated £50 per sub account when your mortgage started, and as you were charged £90 in total, you have actually been under-charged and they have no case to answer. There's no ruling that they can't charge per sub-account.

Chelsea must have increased and decreased their charges over time - so their £15 refund is probably right.

NR's £250 charge is entirely lawful and that's what you will pay when you redeem that mortgage. As Noz says there is no guideline about £50 - the FSA said lenders could charge anything they like, as long as they tell you up front.

reverie

I wrote to Nationwide, for a mortgage started mortgage in 2002 and ended in 2004 and received a cheque for £90 about a week later. Thanks Martin:money:

Bluey8

Received both my cheques yesterday totalling £80, thanks Martin